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with the provisions of the last preceding Section, shall give notice for two years in some newspaper printed in the county where such bank shall have been located, and in a paper printed at the seat of government of the State, that all circulating notes issued by such banking association or banker, must be presented at the Comptroller's office within two years from the date of such notice, or that the funds deposited for the redemption of the notes will be given up to the banking association or banker, and on receiving satisfactory proof of the giving of such notice for the time aforesaid the Comptroller shall surrender to the order of such banking association or banker any securities which he may hold for the payment of any unredeemed notes of the said banking association or banker.
Sec. 26. Any banking association or banker wishing to withdraw any of the securities by them deposited with the Comptroller may do so by depositing an equal amount of the circulating notes which may have been issued to said association or banker by the Comptroller in sums of not less than one thousand dollars; Provided, That the amount of securities thus withdrawn by deposit of said circulating notes shall not reduce the amount of securities remaining in the hands of the Comptroller to less than twenty-five thousand dollars.
Sec. 27. The securities to be deposited with the Comptroller in trust by any association or banker, shall be held by him exclusively for the redemption of the bills or notes of such bank, put in circulation as money, until the same are paid and returned to the Comptroller, as provided in this Act, but the Comptroller may assign said securities to said association or banker, transferring the same upon receiving therefor equivalent securities or an equivalent amount in circulating notes issued by such bank, as provided in Section twenty-six of this Act.
Sec. 28. All circulating notes of banks or banking associations returned to the Comptroller, shall be destroyed by him, after he shall have made a record of the same, which record shall specify the number of each note, its date, and by whom it was countersigned, and shall be made in the books to be kept by himself for registering circulating Dotes,
Sec. 29. It shall be the duty of the Comptroller to receive mutilated circulating notes issued by him, and after making a record of them, their denomination and amount to deliver in lieu thereof circulating notes to the same amount.
Sec. 30. All of the bills and notes of any bank or banking association, shall be at all times received by the same in payment of all debts due to such bank or banking association.
Sec. 31. If any portion of the original capital of any banking asso. ciation shall be withdrawn for any purpose whatever while any debts of the association shall remain unsatisfied, no dividend or profits in the shares of the capital stock of the association shall thereafter be made until the deficit of the capital shall be made good, either by subscription of the shareholders, or out of the subsequent accruing profits of the association: and if it shall appear that any such dividends have been made, it shall be the duty of any Judge of the District Court of the county in which said bank may be located, on application of any person in interest to make the necesary orders and decrees for the closing of
the affairs of the association, and distribute its property and effects among its creditors and shareholders.
Sec. 32. The officers or agents of any banking association or banker who shall pay out, to be put in circulation as money in this State, aby bill, note, certificate of deposit, or other paper, having the similitude of a bank note, knowing the same to have been issued otherwise than by the authority of this or any other State of the United States, of the Congress of the United States or of the British Possessions shall, for each offence, upon conviction thereof, be adjudged guilty of a misdemeanor, and shall be punished by a fine not less than one hundred dollars, or by not less than three, nor more than twelve months imprison. ment, or both by fine and imprisonment.
Sec. 33. Such banks or banking associationsmay dəmand and receive for loans on real and personal securities, or for notes, bills, or other evidences of debt discounted, a rate of interest or discount not exceeding twelve per cent. per annum, and it shall be lawful to receive the interest in advance, according to the ordinary usage of banking institutions, and to charge for collecting foreign or inland bills, or other evidence of debt, the usual current rate of exchange; and in the computation of time, thirty days shall be a month, and twelve months a year, and in general do all things, and have all the privileges incident to banking associations or corporations.
Sec. 34. Every bank and banking association shall, on the first Monday in January, April, July, and October, in every year, after having commenced the business of banking, as provided in this Act, make and transmit to the Comptroller a report, which said report shall be made on oath of the President and Cashier, and shall contain a true statement of the following items, on the morning of the first Monday of January, April, July, and October, before any business of that day : loans and discounts, over drafts, due from banks, due from Directors of said bank, due from brokers, real estate, specie, cash items, stocks and promissory votes, bills of solvent banks, bills of suspended banks, loss and expense account, capital, circulation, amount due to State Treasurer, amount due to depositors on demand, amount due not included under either of the above heads ; and it shall be the duty of the Comptroller to publish said report, together, once in some newspaper printed at the seat of government, and the ex. pense of such publication shall be defrayed by a percentage assessed upon the capital stock of all the banks and banking associations of this State, and said report shall be published in the county in which said bank or banks are located, and the expense thereof shall be defrayed by the banks, and if any bank shall fail to furnish to the Comptroller its quarterly report in time for such publication, or shall fail to pay the per centage assessed by the Comptrollerunder this section, when the same shall be demanded by him, it shall forfeit and pay the Comptroller the sum of one hundred dollars, to be applied by him to the expense of publishing the quarterly reports, and the Comptroller is authorized to collect the said forfeiture in his pame, upon application to any Court of competent jurisdiction in the county where such delinquent bank may be located; the Bank Comptroller shall also transmit annually to the Legislature, at the commencement of its session, a condensed summary of all the items reported to him by all th: banks, which summary, verified by his oath, shall contain a true and correct statement
of the condition of all the banks in the State, at the time of the making of their last report.
Sec. 35. Every bank and banking associations organized under the provisions of this Act, shall annually, on the first monday of January in ea' b year, cause to be published for six successive weeks, in one public news paper printed in the county in which such bank or banking association may be located, and in some paper printed at the seat of government in this State, a true and accurate statement, verified by the oath of the cashier, of all deposits made with said bank, and of all dividends and interest declared and payabl, upon any of the stocks, bonds, or other evidences of indebtedness of said bank, which, at the date of such statement, shall have remained unclaimed by any person, or persons, authorized to receive the same, for two years then next preceeding.
Sec. 36. Such statement shall set forth the time that every such deposit was made, its amount, the name and the residence, if known, of the per800 making it, the name of the person in whose favor the dividend or interest may have been declared, its amount, and upon what number of shares, and on what amount of stocks, bonds, or other evidence of indebte edness, of any such bank, or banking association.
SEC. 87. The Comptroller shall have authority, with the approval of the Governor, to employ in his office such additional clerk, or clerks, as he may deem necessary in order to execute the duties imposed upon him by this Act, and to pay such compensation therefor as they may deem necessary, the same to be paid by a general assessment upon the banks and banking associations for whom the services were performed.
Sec. 38. Whenever the securities deposited with the Bank Comptroller to secure the redemption of the circulating notes of any bank shall be sold in pursuance of Section 15 of this Act, the Bank Comptroller shall immediately destroy all the plates of such bank.
Sec. 39. All the expenses incurred in the advertising and selling of stocks under this Act, shall be audited and allowed by the Bank Comptroller, and deducted from the proceeds of such sale.
Sec. 40. It shall be the duty of the Joint Committee annually chosen to examine the Treasurer's accounts, to examine such of the securities de. posited in the Bank Comptroller's office by banking associations and individual bankers, together with books and papers therein relating to the business of banking, as the said committee may deem necessary, to onable them to report the true state and condition of that departmeut to the Legislature.
Sec. 41. Every officer, agent or clerk, of any banking association, or banker, authorized by this Act, who shall wilfully and knowingly subscribe or make any false statement or false entries in the books of such person, or association, or shall knowingly subscribe or exbibit false papers, with the intent to deceive any person authorized to examine as to the condition of such bank, or association, or shall wilfully and knowingly subscribe or make false reports, shall be deemed guilty of felony, and shall be subjected to imprisonment at hard labor in the State Prison for such term not less than one year por more than ten years, as the Court trying him shall designate. And likewise any commissioner, examiner, master in chancery, or judge, wilfully and knowingly subscribing or making any false report, shall be deemed guilty of felony, and be subjected to like penalties.
Sec. 42. The Bank Comptroller is hereby authorized, at any time, to examine, or to appoint a special agent to examine, the affairs of any bank. Such agent shall take and file in the office of the Clerk of the county where he resides, the oath of office prescribed in the Constitution, and he shall have authority to examine the books, papers, moneys and accounts of such banking association, or banker, and on oath the officers, agents, and clerks of such banking association or banker, touching the matters which bo shall be directed to inquire into, and any wilful false swearing in any such examination shall be perjury, and any such person who shall refuse to be sworn, or shall refuse to answer any pertinent or legal question, shall for feit the sum of one hundred dollars, to be sued for and recovered, with costs, by the Bank Comptroller, in his name of office, and applied by the Bank Comptroller to defray the general expenses of the bank department
Sec. 43. If it shall appear, from such examination and report, that any banking association or banker, is in an upsound or unsafe condition to do banking business, it shall be the duty of the Bank Comptroller to withhold and refuse to issue or deliver any registered notes to such association, or banker, until such time as he shall be satisfied that such banking associa tion, or banker, is in a sound and safe condition to do a banking business. The reasonable costs and expenses of every such examination shall be paid by the banking association, or banker, whose affairs are examined, to such agent at the time of making such examination.
Sec. 44. Any person, or persons, violating any of the provisions of this Act, shall, upon conviction thereof, pay a fine of not less than fifty dollan or more than five hundred dollars, for each and every such offence, to be recovered before any Court having competent jurisdiction ; and all fines and penalties so recovered shall be paid into the State Treasury.
Sec. 45. This Act shall take effect and be in force from and after its passage.
RICHARD G. MURPHY,
President pro tem. of the Senate. APPROVED --March twentieth, one thousand eight hundred and fiftyeight.
CHAS. L. CHASE, Acting Governor. SECRETARY'S OFFICE, Minnesota, l
March 20, 1858. I hereby certify the foregoing to be a true copy of the original on file in this office.
Caas. L. CHASE, Secretary.
An Act to provide for Township Organization. Be it enacted by the Legislature of the State of Minnesota :
Section 1. The County Commissioners of each County shall, on or before Tuesday, the 6th day of April, A. D. 1858, proceed to divide such County into towns by making as many towns as there are townships, according to Government survey. Fractions of townships, or whole townships, or either of them, may be attached to an adjoining town, or may be divided between two or more towns, for the time being, according to the wishes of a majority of the legal voters to be affected thereby; and when rivers or creeks so divide a township as to be inconvenient for doing town business, the fraction so formed may be disposed of as other fractions : and any township having two or more villages or cities, may be divided for township purposes, whenever a majority of the legal voters of any village or city shall petition the County Commissioners for such division; and whenever the County Commissioners are so petitioned, they shall.' proceed to divide such township in such manner as will best suit the con-' venience of the people,
Sec. 2. Towns shall be named in accordance with the expressed wish of a plurality of the inhabitants thereof. .
Sec. 3. The County Commissioners shall cause a record of their proceedings to be made by their Clerk, on or before the 19th day of April next succeeding, giving the names and bounds of each town, and the Clerk shall thereupon make out notices for each town, naming a suitable place for holding the first town meeting in such town, which shall be. holden on the second Tuesday of May next thereafter, and shall deliver such notices to the Sheriff of the County, who shall cause the same to be posted in not less than three of the most public places of such town, and not less than fifteen days before the eleventh day of May aforesaid; Pro vided, That the annual town elections shall, after 1858, be held on the first Tuesday of April. Within thirty days after making the above named record, the Clerk shall transmit, by mail, to the State Auditor, a copy thereof, giving the names and bounds of each town,
Sec. 4. If the Auditor, on comparing the reports from the several Counties, shall find that any two or more towns have names alike, he shall transmit to the Clerk of the County Commissioners of the County or Counties, the name or names of such town or towns as must be changed, and the County Board, at their next meeting thereafter, shall adopt a different name for such town, so that no two towns organized under this Act, shall be named alike ; and shall inform the State Auditor thereof as before directed. And the State Auditor shall make a record of the names and boundaries of all the towns organized under this Act.
Sec. 5. Each town, as a body corporate, has capacity to sue or bei sued, in the manner prescribed by the laws of this State ; to purchase and hold lands within its own limits, and for the use of its inhabitants; to